CALCULATOR PRINTER VERSsiONT NEXT eBACK Problem 9-4A (Part Level Submission) (Video) Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2020 are as folliows. February January Sales $385,200 $428,000 Direct materials purchases Direct labor 133,750 128,400 96,300 107.000 Manufacturing overhead 74,900 80,250 Selling and administrative expenses 84,530 90,950 All sales are on account. Collections are expected to be 50 % in the month of sale, 30% in the first month following the sale, and 20% in the second month following the sale. Saty percent (60% ) of direct materials purchases are paid in cash in the month of purchase, and the balance due is paid in the month following the purchase. All other items above are paid in the month incurred except for selling and administrative expenses that include $1,070 of depreciation per month. Other data: Credit sales: November 2019, $267.500; December 2019, $342.400 Purchases of direct materials: December 2019, $107,000. 1. 2. Other receipts: January-Collection of December 31, 2019, notes receivable $16,050 February-Proceeds from sale of securities $6,420. Other disbursements: February-Payment of $6,420 cash dividend. 3. 4. The company's cash balance on January 1, 2020, is expected to be $64,200. The company wants to maintain a minimum cash balance of $53,500 v(a) Your answer is correct Prepare schedules for (1) expected colections from customers and (2) expected payments for direct materials purchases for January and February. Expected Collections from Customers January February 53,500 November December 68,480 102,720 Help Sysem Announcements RCES Prepare schedules for (1) expected collections from customers and (2) expected pa ER 9 Expected Collections from Customers January February 53,500 November 68,480 December 102,720 rt January 192,600 115,560 February 214,000 Study Total collections 348,820 398,040 Expected Payments for Direct Materials January February December 42,800 $ January 77,040 51,360 February 80,250 Total payments 119,840 131,610 Click if you would like to Show Work for this question: Open Show Work By accessing this Question Assistance, you will learn while you earn points based on the Poi MacBook Ai Weygandt, Managerial Accounting, 8e Help I System Announcements S (b) Prepare a cash budget for January and February in columnar form COLTER COMPANY Cash Budget For the Two Months Ending February 28, 2020 January February Beginning Cash Balance 64,200 $ Collections from Customer Add dy Sale of Securities 348,820 398,040 Notes Receivable Total Receipts 4 Total Available Cash Less Disbursements Direct Materials Direct Labor Manufacturing Overhead Selling and Administrative Expenses Cash Dividend Total Disbursements Excess (Deficiency) of Available Cash Over Cash Disbursements MacBook Air ODD F2 F6 Total Receipts Total Available Cash Less : Disbursements Direct Materials Direct Labor Manufacturing Overhead Selling and Administrative Expenses Cash Dividend Total Disbursements Excess (Deficiency) of Available Cash Over Cash Disbursements Financing Add Borowings Less Repayments Ending Cash Balance Qpen Show Work Click if you would like to Show Work for this question: By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor. Attemp MacBook Air L go F2 # 5 4 3 2